VANECK
CMCI
COMMODITY
STRATEGY
ETF
SCHEDULE
OF
INVESTMENTS
March
31,
2026
(unaudited)
FootnoteRuleAboveBlank
Footnotes:
Par
(000's)
Value
Short-Term
Investments:
100.3%
United
States
Treasury
Obligations
:
97.8%
United
States
Treasury
Bills (y)
3.53%,
07/09/26
$
40
$
39,604
3.55%,
08/13/26
125
123,330
3.55%,
08/20/26
†
125
123,247
3.57%,
06/11/26
125
124,115
3.57%,
07/23/26
250
247,185
3.57%,
08/27/26
#
325
320,203
3.58%,
08/06/26
#
300
296,214
3.59%,
07/16/26
†
175
173,156
3.59%,
09/03/26
175
172,303
3.62%,
06/04/26
#
170
168,909
3.62%,
09/17/26
125
122,894
Par
(000’s)
Value
United
States
Treasury
Obligations
(continued)
3.64%,
05/07/26
$
125
$
124,545
3.64%,
10/01/26
200
196,355
3.67%,
04/02/26
#
100
99,990
3.69%,
04/28/26
†
150
149,592
3.71%,
05/28/26
40
39,770
3.74%,
04/16/26
100
99,849
3.74%,
05/21/26
100
99,497
2,720,758
Number
of
Shares
Value
Money
Market
Fund:
2.5%
Invesco
Treasury
Portfolio
-
Institutional
Class
3.64%(a)
69,947
69,947
Total
Short-Term
Investments:
100.3%
(Cost:
$2,791,083)
2,790,705
Liabilities
in
excess
of
other
assets:
(0.3)%
(8,521)
NET
ASSETS:
100.0%
$
2,782,184
Total
Return
Swap
Contracts
Long
Exposure
Reference
Obligation
Notional
Amount
Counterparty
Rate
paid
by
the
Fund
Payment
Frequency
Termination
Date
Unrealized
Appreciation/
(Depreciation)
UBS
Constant
Maturity
Commodity
Index
Total
Return
$2,755,000
UBS
4.03%(b)
Monthly
04/23/26
$35,563
(y)
The
rate
shown
is
the
calculated
yield
to
maturity.
†
Security
fully
or
partially
on
loan.
Total
market
value
of
securities
on
loan
is
$400,408.
#
All
or
a
portion
of
these
securities
are
segregated
for
swap
collateral.
Total
value
of
securities
segregated
is
$415,963.
(a)
The
rate
shown
is
the
7-day
yield
as
of
03/31/26.
(b)
The
rate
shown
reflects
the
rate
in
effect
at
March
31,
2026:
Overnight
Bank
Funding
Rate
+
0.40%.
The
summary
of
inputs
used
to
value
the
Fund's
investments
as
of
March
31,
2026
is
as
follows:
Level
1
Quoted
Prices
Level
2
Significant
Observable
Inputs
Level
3
Significant
Unobservable
Inputs
Value
United
States
Treasury
Obligations
$
—
$
2,720,758
$
—
$
2,720,758
Money
Market
Fund
69,947
—
—
69,947
Total
Investments
$
69,947
$
2,720,758
$
—
$
2,790,705
Other
Financial
Instruments:
Assets
Total
Return
Swap
Contracts
$
—
$
35,563
$
—
$
35,563